Annual Report 2009 - LWUA

Annual Report 2009of Y149,600,000 on August 20, 2005 andY299,070,000 from February 20, 2006 through August 20, 2025. 862,606,880 906,291,515OECF PH-P181 – Y7.228BAt 2.5%, Principal (I) and 2.1%, Principal (II) per annumpayable in 20.5 annual installments of Y176,320,000 onMarch 20, 2007 and Y352,584,000 through March 20, 2027 1,900,980,910 2,014,469,585Australian Aid – US$14.8MAt 2.25% per annum payable in 9.5 annual installmentsof $740,000 starting July 15, 2001 to January 15,2011. 146,018,986 220,976,281KFW PTWSP I & II – Euro 14.700MGerman Financial Cooperation with the Philippinesaimed to upgrade the WSS of Water Districts 973,871,944 951,732,805Total Loans Payable Foreign 5,754,777,734 6,049,944,124Less : Current Portion 302,608,052 286,484,3175,452,169,682 5,763,459,807Loans payable – foreign represents loans received through loan agreements executed by and between the LWUA as the borrower and the foreignlending banks as the lenders mainly to finance, on a long-term basis, the development of various water systems in different cities, municipalitiesand rural areas of the country.16. LOANS PAYABLE - LOCALLoans payable - foreign represents loans received through loan agreements executed by and between the LWUA as the LWUA as the borrowerand the foreign lending banks as the lenders mainly to finance, on a long-term basis, the development of various water systems in different cities,municipalities and rural areas of the country.80% by the assignment of LWUA’s Trade Receivables; and20% by the assignment of LWUA’s Agrarian Reform BondsThe status of these term loans is as follows:1st Tranche – P500,000,000This Term Loan of P500 Million carries an interest rate equal to deposit rate plus 4% spread, subject to quarterly repricing but in no case shall therate be lower than 10% per annum. It is payable in 20 equal quarterly amortizations. The loan was availed of in one single drawdown.The following Table shows the year and corresponding amounts of availment and repaymentsDate Availment Repayment Balance2004 P500,000,000 500,000,0002005 100,000,000 400,000,0002006 100,000,000 300,000,0002007 100,000,000 200,000,0002008 100,000,000 100,000,0002009 100,000,000** current portion for 2008 loans2nd Tranche - P500,000,000This Term loan carries interest on LBP’s prime lending rate plus 2% spread, subject to quarterly repricing but in no case shall the rate be lowerthan 9.5% per annum. It is payable in 20 equal quarterly amortizations to commence at the end of the 8th quarter from the initial drawdown date,plus a balloon payment on the maturity of the loan. The full amount of the loan was availed in 2004 in five (5) drawdowns. Starting April 2010,the interest rate was reduced to 8.5% per annum upon the request of LWUA.The following Table shows the year and corresponding amounts of availment and repayments.Date Availment Repayment Balance2004 P500,000,000 500,000,0002005 500,000,00039